What is an Invoice?

Simply put, an invoice is a document that records a transaction between a buyer and seller. It details the terms of the transaction such as the cost, method of payment, shipping & handling, and any other terms specific to the transaction.
Examples of invoices include receipts, bill of sales, online electronic records, and of course, sales invoices.
The five things every invoice should include are:
1. The invoice number
2. The date
3. Business Contact Information
4. Description of the goods or services
5. Payment terms
Invoices are important for accounting because they keep a time stamped record of the transaction. This is crucial for any business to keep track of so both the buyer and seller know the when, where, why, and how of a payment transaction.
Invoices are also important for payments payable, or, payments to be received on a later date. Often, businesses will offer credit in the form of net 30. This means the buyer has 30 days from the invoice date to send their payment. With the invoice, this date is clear and accounted for. When you’re a business handling many purchases a day, invoices become necessary in organizing all of this.
Nowadays, to help with organization, invoices are commonly done electronically to save time and space.
There are also apps that streamline the process of generating and sending invoices so that you can make sure all the necessary information is where it needs to be.
Invoices are essential for businesses to keep records of their sales. Make your life easier to get paid on time from your customers.
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